5 Things To Consider Before Expanding Your Business Internationally
After build the enough credibility of your business in domestic marketplace. Then, it’s definitely time to take a next step in international market.
Open a new branch in international marketplace will be more existing to reach the new opportunities, new customers and generate new revenue. It will help your business to get the more awareness about your products or services.
But, it’s not as simple to just open another branch in other country and start selling and making money.
Before expanding your business internationally, you have to consider such obstacles which help your business to make an impressive impact and survive for a long-run.
Legal Terms & Regulations is important
First thing that you should have to be consider before hit the international market is – Law or legal policies. Every country has a different laws & regulations that you should’ve to be aware about this.
You can hire any legal institution which helps your management to set-up the business. Multiple things that you have to focus and sort out things such as labor law, tax codes, business permits & licenses and other compliances.
Some may be familiar with you and some may be not but you have to deal with it. Like, in US, all 50 states have their own state and local laws that you have to face.
So, legal terms & regulations is the most important thing that you have to be prepare before opening another branch or office or even store in different country. Otherwise, you’re business may face multiple obstacles.
Cultural & Language barriers may hold you
Language & Cultural barriers are vary from the different international market. If we talking about the language – people are more familiar with their native language. Let’s take an example of India that how many people are familiar with English language? A few. And this is one of the main reason why western business failed in Indian marketplace.
Same as, Culture, if you’re business is to selling apparels then you can’t offer an Indian Saree to international customers, if you’re business based on India.
If we are talking about coffee shops, everyone knows that Indians are more passionate to drink tea instead of coffee? But with the different concept of Starbucks entered in the Indian Marketplace to offer coffee. In the initial stage, CCD/ Starbucks were not make an impressive impact on Indian market. Not only Starbucks but also McDonalds, Dominos have faced the same thing. And, now you know rest of the things, more Indians are adopt for the change.
Design a separate Website
Website is the most crucial part of any business. If you’re planning to expand your business in different country then you have to need a different website that completely designed and developed by those country’s users who’s your next target. And this is the obstacle number three.
People are more likely to buy goods or hire any services in their native language. Especially in Germany, Italy, and Japan – there are vast majority of people who are more likely to use their native language with 79.5% of people, 82% and 90% instead of using English.
Amazon is the perfect example to elaborate this point, you noticed that there are different sites of amazon for targeting different country. For Germany, Amazon used German language to attract the Germans. Same as, different country.
Staff for your new operation
The obstacle number four is to hire educate Staff. It’s very challenging for every business to hire educate and knowledgeable staff while expanding business in other country.
I remember the Porsche (high-performance car manufacture) story, when Porsche were looking to entered in Indian Automobiles Market then they found an educated and experienced person who handled their work as a Director of Porsche India and sold 1 or may be 2 car in a year. Then they met with Pavan Shetty who handled their workflow and achieved the results.
So, educated and experienced staff is the main reason for generating valuable productivity. Same as with Pavan Shetty as a sales person, he knew the Indian Automobiles Market to achieved and deliver the best outcome.
Change the way of Marketing
Once your business are about to enter in International Marketplace then everything is new for your business, new customers, new market, new staffs along with you also have to change your way of Marketing.
Your Marketing should be simple and direct influence to the users. Your message will be according to the users and relate to them.